Upgrades of Asian corporate earnings at highest in five months - Refinitiv data reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Singapore The Asian octane market will remain supported this week May 10-14, as higher activity, given the current holiday season, drive increased demand for naphtha, MTBE and Isomer-MX from regional buyers. Meanwhile, non-Asian factors will also boost the toluene and ethanol complexes, sources said, with prices expected to keep on an upward momentum in the near term.
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Naphtha More buying activity is expected for H2 June cargoes in the week starting May 10, as North Asian buyers return from the Golden Week holidays, eager to finish procuring requirements by the end of the week. Arbitrage volumes arriving in Asia for May is estimated at around 2 million mt, with June volumes likely to be lower, capping supply, but more spot cargoes flowing in from India and the Middle East for end-May loading should plug the supply gap, sources said.
By Syndicated Content
By Gaurav Dogra
(Reuters) â Analysts in April hiked 12-month earnings estimates for Asian companies by the largest amount in five months, data showed, as manufacturing activity and demand for the regionâs exports rose.
Analysts lifted forward 12-month earnings by 3.2% in April, the highest since December, according to Refinitiv data.
The big upgrades came as regional economies such as South Korea, Taiwan and Vietnam saw an increase in factory output and shipments thanks to a rise in demand from developed economies which are making a fast recovery from the coronavirus crisis.
(Graphic: MSCI Asia-Pacific indexâs estimates change: https://fingfx.thomsonreuters.com/gfx/mkt/jznvnrbdovl/MSCI%20Asia-Pacific%20indexâs%20estimates%20change.jpg)
IFAD Murban crude futures see strong start but end-month volatility fuel concerns
Trading activity for Murban crude futures on the ICE Futures Abu Dhabi, or IFAD, exchange in April points to a strong start for the nascent contract, but traders say end-month volatility in the key front-month contract is a cause for concern.
More broadly, traders say the launch of IFAD Murban has made it easier to value and trade all Abu Dhabi grades against benchmark Platts Dubai, which is used directly or indirectly in the pricing of nearly all Middle East crudes as well as grades from Far East Russia.